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It entered into force a new tax rate on the export of nickel from Russia

On Monday, March 5 came into effect a decree number 74 of the Russian government regarding the export duty on exported outside the member countries of the Customs Union of unalloyed nickel (HS code TC 7502 10 000 0). According to the corrected rate of each quarter (depending on the average price of nickel on the results of trading on the London Metal Exchange), starting from the current week on the export of this metal will be charged a fee of 1245 US dollars per ton. Thus the export fee, established in the amount of $ 2118 per ton, «fell» for more than 40% in the last quarter. According to analysts, this change significantly reduces the tax burden on companies, which is very important in the current situation on the market difficult.

Adjust downwards the size of the tax on exported outside the vehicle Nickel Russian government has set February 3 this year, according to the new (introduced less than a year ago) the terms of the fee calculation. Under the new rules, employees of the Ministry of Economic Development of the Russian Federation on a regular basis the monitored value of nickel on the LME, and, based on these data, prepare a proposal for a quarterly tax rates on export of non-alloyed metal for approval by the government. Earlier this tax has been fixed and was 10% (regardless of fluctuations in nickel prices in the market).

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